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Intesa Sanpaolo, Italy’s largest bank by total assets, has made its first move into the cryptocurrency market by purchasing $1 million worth of Bitcoin.
According to Reuters, the transaction for 11 BTC was completed on Monday, January 13.
CEO Carlo Messina described the purchase as “a test.” He explained that while the bank does not aim to become “a Bitcoin player,” it recognizes the need to understand the market.
Messina noted, “The bank has very sophisticated clients that may ask for this kind of investment, and you can’t serve them unless you have a presence in the market.”
This move follows the bank’s steps in 2023 to establish a proprietary trading desk for digital assets. By 2024, Intesa Sanpaolo had begun handling spot cryptocurrency trades.
Bitcoin’s price has been drawing significant attention from investors in recent weeks. Last month, it reached a new all-time high, surpassing $100,000 for the first time.
This milestone followed nearly two weeks of trading just below $98,000, hinting at a potential plateau before the market gained further momentum.
Since the U.S. elections, Bitcoin’s value has climbed by more than 36%, rising from around $75,600.
Analysts predict the cryptocurrency will continue to break records. Deepwater Asset Management’s managing partner Gene Munster recently stated that favorable market and regulatory conditions could drive Bitcoin to even greater heights in 2025, despite possible pullbacks.
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